Project Profiles

Location

Raleigh-Durham, North Carolina

Project Sponsor / Borrower

North Carolina Turnpike Authority (NCTA)

Program Areas

Fiscal Year Approved

Fiscal Year 2009

Mode

Toll Highway

Description

The proposed 18.8-mile Triangle Parkway will provide
near-term congestion relief on existing north-south routes
serving the Research Triangle Park (RTP) region (including
I-40) between Raleigh and Durham, as well as improve commuter
mobility, accessibility and connectivity to the RTP employment
center. The proposed tolled highway is comprised of three
sections:

Triangle Parkway will extend from NC 147
at I-40 south 3.4 miles, terminating at the interchange
with the Outer Wake Expressway.

Northern Wake Expressway (NC 540) is the
portion of the Outer Wake Expressway that extends
from NC 54 to NC 55. This 2.8-mile-long segment,
which recently opened to traffic and was constructed
by North Carolina DOT with STIP funds, is being
transferred to NCTA in support of the project.
This section will enable Triangle Parkway and
Western Wake Freeway to function as a contiguous
toll facility.

Western Wake Freeway connects with Northern
Wake Expressway and will extend from a northern
junction with NC 55 near Research Triangle Park
to a southern junction with NC 55 Bypass near
Holly Springs, covering a distance of 12.6 miles.

The requested TIFIA loan will be issued on a subordinate
basis to the senior lien toll revenue bonds.

Financial Status / Financial Performance

TIFIA credit agreement signed July 10, 2009

Overall financial close July 29, 2009

The requested TIFIA loan will be issued on a subordinate
basis to the senior lien toll revenue bonds with an interest
rate of 4.25 percent. The first interest payment is scheduled
for January 2015. Partial principal repayments are scheduled
to begin in January 2016. Loan amortization begins January
2025. The final maturity of the TIFIA loan is June 2043.
There will be debt service reserve funds in place for both
the senior bonds and the TIFIA loan.